Except as mentioned below, the Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company does not hold or issue financial instruments for speculative or trading purposes. The Company does not offset derivative assets and liabilities within the consolidated balance sheets.

The Company is subject to market risk exposure arising from changes in interest rates on debt, which bears interest at variable rates. In order to protect against potential higher interest costs resulting from anticipated increases in the variable rates, the Company, from time to time, has entered into interest rate swap contracts (discussed below) that fixed the benchmark interest rate with respect to a portion of its variable rate debt.

In January 2025, the Company terminated its interest rate swap derivative contracts and received $31 million, in cash, representing the fair value of the contracts on the termination date. The Company simultaneously entered into two new interest rate swap derivative contracts with similar terms as the terminated interest rate swap derivative contracts, except that the terms of the agreements require the Company to receive a variable rate of three months U.S. SOFR and pay a fixed rate of 4.2075% for $400 million notional rate contract and 4.209% for $500 million notional rate contract.

Under ASC 815, Derivatives and Hedging, the fair value gain (loss) of the terminated interest rate swaps recorded in accumulated other comprehensive income (loss) will be proportionately included as interest expense, in the consolidated statement of operations until July 2029 as the interest payments are made over this period. Further, the Company has determined that the new interest rate swap contracts will be designated as cash flow hedges that are highly effective at offsetting the increases in cash outflows when the three-month SOFR exceeds respective fixed rates under the contracts. Changes in the fair value of the interest rate swaps, net of tax, are recognized in other comprehensive income (loss) and are reclassified out of accumulated other comprehensive income (loss) into interest expense when the hedged interest obligations affect earnings.

During the three months ended March 31, 2025, the Company had a fixed-to-fixed cross currency interest rate swap ("CCS") contract under which the Company will receive fixed interest at 7.5% per annum on a USD notional amount of $251 million and will pay fixed interest of 5.6390% per annum on EUR notional amount of €240 million. Notional amounts in the respective currencies are deemed to be exchanged at the beginning and end of the swap period. The swap's maturity date is July 26, 2029. Interest settlements under the CCS occur semi-annually in January and July of each year, that commenced on January 26, 2025, and end on July 26, 2029.

The Company has designated the CCS contract as a net investment hedge, hedging foreign exchange translation risk related to a portion of its investments in EUR functional currency denominated subsidiaries on an after-tax basis. The Company has elected the spot method for measuring hedge effectiveness. As a result, the change in the fair value of the CCS contract attributable to the changes in the spot rates are recorded in the cumulative translation adjustment (CTA) section of other comprehensive income (loss). The initial value of the excluded components are recognized in interest expense under a systematic and rational method in accordance with ASC 815. Any difference between the change in fair value of the excluded components and the amounts recognized in earnings under the swap accrual process are also reported in the CTA section of other comprehensive income (loss). Amounts related to the CCS representing net periodic interest accruals are recognized in “Interest expenses,” on the Company's consolidated statements of operations.

During the three months ended March 31, 2025, the Company entered into certain foreign currency forward contracts that act as economic hedges to partially offset exposure to foreign currency exchange rate fluctuations resulting from certain intercompany balances. These contracts are not designated as hedging instruments under ASC 815. The changes in the fair value of the foreign currency forward contracts are recognized in other income (loss), net, on the consolidated

statement of operations. As of March 31, 2025, the notional values of such foreign exchange forward contracts that were held to sell U.S. dollars in exchange for other currencies was $270 million. All contracts had maturities of 90 days or less. The Company recognized a gain on the fair value change of the foreign currency forward contracts of $9 million in its consolidated statement of operations for the three months ended March 31, 2025. Furthermore, during the three months ended March 31, 2025, the Company received $9 million of cash proceeds upon settlement of foreign currency forward contracts, which is reflected as an investing activity within the consolidated statements of cash flows.


(in $ millions)	Balance sheet Location	March 31, 2025		December 31, 2024
Derivatives designated as hedging instruments
Interest rate swaps	Other non-current assets	$	—	$	27
Interest rate swaps	Other non-current liabilities	$	(19)	$	—
Cross currency interest rate swaps	Other non-current liabilities	$	(7)	$	—
Derivatives not designated as hedging instruments

Foreign currency forward contracts	Other current liabilities	$	(1)	$	—
Earnout shares	Earnout derivative liabilities	(59)		$	(133)


		Amount of gain/(loss) recognized in other comprehensive income (loss)					Statement of operations location		Amount of gain/(loss) recognized in statements of operations
	Three months ended March 31,							Three months ended March 31,
			2025		2024					2025		2024
Derivatives designated as hedging instruments
Interest rate swaps			$	(15)	$	5	NA			—		—
Interest rate swaps re-classed to consolidated statements of operations			(4)		(2)		Interest expense			$	4	$	2
Cross currency interest rate swap			(7)		—		NA			—		—

Derivatives not designated as hedging instruments
Foreign currency forward contracts			—		—		Other (loss) income, net			9		—
Earnout Shares			—		—		Fair value movement on earnout derivative liabilities			74		18
										$	87	$	20

The Company expects $5 million of gain on the interest rate swap contracts to be reclassified from accumulated other comprehensive loss to net earnings as a credit to interest expense within the next 12 months.